Archives for General News

Lawmakers Consider Additional Lease Tax Breaks

By Jim Turner Lawmakers are reviewing further cuts to the state lease tax, already slated for a reduction from 4.5% to 2% in June. The tax reduction is one of Florida Realtors’ legislative priorities. TALLAHASSEE, Fla. – With business groups long saying the tax should be scrapped, state lawmakers could look at further reducing a tax on commercial leases. The House Ways & Means Committee on Thursday reviewed tax-cut “concepts,” including a possible reduction in the lease tax, as the House and Senate prepare in the coming weeks to negotiate a tax package. But committee Chairman Stan McClain, R-Ocala, agreed
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Mortgage Rate Optimism Hits Survey High

By Amy Connolly For the first time since Fannie Mae began its national housing survey (in 2010), a larger share of consumers believe mortgage rates will decrease over the next year, rather than increase. WASHINGTON – Fannie Mae said increased confidence in job security and anticipated mortgage rate reductions have driven its Home Purchase Sentiment Index (HPSI) up by 3.5 points in January to 70.7, its highest level of optimism since March 2022. In January, 82% of consumers said they are not concerned about losing their job in the next 12 months, up from 75% the previous month. Additionally, an
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Steps to Securing a Lower Mortgage Rate

Buyers seeking a lower mortgage rate don’t have to just wait for a market adjustment. Instead they can make changes in their personal finances that could help. NEW YORK – Mortgage interest rates have been headlining financial news segments for several years running. Much of that news has been met with less than open arms, as rates have risen dramatically in recent years, an increase that is related to the ripple effect of the COVID-19 pandemic. Mortgage interest rates did not immediately spike. In fact, data from the lender Freddie Mac indicates mortgage rates were still well below 4% on
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Long-Term Mortgage Rate Stagnant

By Alex Veiga The average long-term rate remains in the mid-6% range, Freddie Mac said. The rate on a 15-year fixed-rate mortgage, popular for home refinances, fell to 5.90% from 5.94% last week. LOS ANGELES— The average long-term U.S. mortgage rate edged higher this week, reflecting a recent uptick in the 10-year Treasury yield. The average rate on a 30-year mortgage rose to 6.64% from 6.63% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.12%. “Mortgage rates remain stagnant, hovering in the mid-6% range over the past several weeks,” said Sam Khater, Freddie Mac’s
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Treasury Proposes Real Estate Transparency Rules

By Fatima Hussein The new regulation would require real estate professionals to report all-cash residential purchases to combat money laundering. A final decision isn’t expected for months. WASHINGTON — The Biden administration wants to make residential real estate transactions more transparent by unmasking the owners of certain all-cash purchases. It’s part of an ongoing effort to combat money laundering and the movement of dirty money through the American financial system. The Treasury Department’s Financial Crimes Enforcement Network proposed a regulation on Wednesday that would require real estate professionals to report information to the agency about non-financed sales of residential real
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Florida Realtors Leadership Academy: 2024 Class

By Marla Martin Thirteen Realtors from across the state will enhance their leadership skills and learn more about Florida Realtors through a number of activities and sessions. ORLANDO, Fla. – Florida Realtors recently selected 13 Realtor members to participate in its 18th annual Leadership Academy. The Leadership Academy was established in 2008 to identify emerging Realtor leaders ready to get involved, make a difference and enhance their leadership skills. The goal of the Academy is to empower its participants to develop the skills needed to lead a committee, a Realtor association or a community activity. 2024 Leadership Academy Chair Omar
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Florida Expands Broadband Access Program

By Amy Connolly The state announced funding that will bring high-speed internet access to additional rural and small communities, which can open doors for homeowners, businesses and remote workers. BOWLING GREEN — Gov. Ron DeSantis announced nearly $223 million in state and federal funding to expand broadband internet access across Florida, mainly in small and rural communities. The awards through the Broadband Opportunity Program will support 54 projects in 33 Florida counties for broadband internet expansion that will provide internet to over 27,000 residential, educational, agricultural, business and community locations, the governor’s office said. Additional funding through the Multipurpose Facility
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Nearly 32% of Home Sales in Q4 Were Newly Built

New construction accounted for a large share of home sales in 2023 Q4 because homebuilding has increased and the number of homeowners selling has decreased, Redfin said. SEATTLE — Nationwide, 31.8% of U.S. single-family homes for sale in the fourth quarter of 2023 were new construction, according to a new report from the real estate brokerage Redfin. That’s comparable with 31.9% a year earlier, which is the highest level of any fourth quarter on record. Newly built homes are taking up a growing share of the for-sale housing pie for two primary reasons: Homebuilding has increased. Homebuilding has been on
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4 Florida Communities Among Best-Selling in U.S.

Communities in Lake/Sumter/Marion, Brevard, Volusia and Orange/Osceola topped lists for best-selling in the United States. ORLANDO – Four master-planned communities in Florida made the list of the top 50 in the United States for sale in 2023, according to the Bethesda, Maryland-based RCLCO Real Estate Consulting and Irvine, California-based John Burns Real Estate Consulting. The Villages, which is the region’s retirement mega-community that includes portions of Lake, Sumter and Marion counties, topped both lists. Viera in Brevard County ranked No. 20 on the John Burns list and No. 24 on the RCLCO list. Latitude Margaritaville in Daytona Beach came in
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School District Plans Affordable Housing

By Timothy O Hara The Monroe County School District is launching an affordable housing project for teachers, a growing trend in Florida and across the nation to attract educators. KEY WEST, Fla. – The Monroe County School District is forging ahead with its plan to place roughly 150 units of affordable housing on Trumbo Road in Key West and is looking to the state Legislature to help fund the much-needed housing and approve a plan to move the district offices to another location in Key West. Superintendent Theresa Axford and School Board member Andy Griffiths joined a Monroe County delegation
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